The 2024 Cirium Fleet Forecast indicates a remarkable expansion of India’s passenger aircraft fleet, projected to grow from 720 planes at the end of 2023 to over 3,800 within the next 20 years. This surge in fleet size is expected to elevate Indian airlines’ share of the Asia-Pacific passenger fleet from the current 8% to an impressive 18% by 2043. This report highlights India’s emergence as a critical player in the global aviation market, as it has been evaluated separately from the broader Asia-Pacific region for the first time this year. In 2023, Indian airlines led the world in aircraft orders, securing the second-largest volume globally, trailing only behind the United States. By March 2025, Indian carriers are projected to have placed orders for approximately 2,000 planes, with Air India, Indigo, and Akasa collectively accounting for 1,620 of these orders. The forecast anticipates an annual growth rate of 8.7% for the Indian fleet, which would increase its global share from 3% to 8%. In contrast, China’s fleet is expected to grow at a rate of 4.3%, ultimately capturing a 20% share of the global market, while North America’s growth remains modest at 1.8%. Europe is predicted to hold the third-largest fleet share at 18%, slightly ahead of other Asia-Pacific countries, and the Middle East is expected to grow its share to 5%. This overall trend underscores the robust potential and significance of the Indian aviation sector in the coming decades.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
